Subsea 7 — M&A Activity 2018

Apr 25, 2018

Subsea 7 re-affirms its proposal to acquire McDermott

Luxembourg - April 25, 2018 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced a re-affirmation of its interest in acquiring McDermott International, Inc. ("McDermott," NYSE: MDR).

Subsea 7's proposal is subject to the termination of McDermott's pending transaction with CB&I (NYSE: CBI). Subsea 7 is open to considering amending its proposal if it can discover additional value through discussions with the McDermott management team.

Jean Cahuzac, Subsea 7's CEO stated that "A combination with McDermott is supported by compelling industrial logic. We would welcome the opportunity to engage with McDermott's Board of Directors and management to discuss our proposal and the substantial upside opportunity represented by ongoing participation in the equity, with a view to achieving a combination that would be in the best interests of our respective shareholders."

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Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. We provide technical solutions to enable the delivery of complex projects in all water depths and challenging environments. Subsea 7 is listed on the Oslo Bors (SUBC), ISIN LU0075646355. ***************************************

Contact for investment community enquiries: Isabel Green Investor Relations Director Tel +44 (0)20 8210 5568 isabel.green@subsea7.com www.subsea7.com

This press release is not intended to, and does not, constitute or form part of (i) any offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities, (ii) the solicitation of an offer or invitation to purchase or otherwise acquire, subscribe for, sell or otherwise dispose of any securities or (iii) the solicitation of any vote or approval in any jurisdiction pursuant to this release or otherwise, nor will there be any acquisition or disposition of the securities referred to in this release in any jurisdiction in contravention of applicable law or regulation. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended and other applicable laws.

Forward-Looking Statements: Certain statements made in this announcement may include 'forward-looking statements'. These statements may be identified by the use of words like 'anticipate', 'believe', 'could', 'estimate', 'expect', 'forecast', 'intend', 'may', 'might', 'plan', 'predict', 'project', 'scheduled', 'seek', 'should', 'will', and similar expressions. The forward-looking statements reflect our current views and are subject to risks, uncertainties and assumptions. The principal risks and uncertainties which could impact the Group and the factors which could affect the actual results are described but not limited to those in the 'Risk Management' section in the Group's Annual Report and Consolidated Financial Statements 2017. These factors, and others which are discussed in our public announcements, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: actions by regulatory authorities or other third parties; our ability to recover costs on significant projects; the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal and administrative proceedings or governmental enguiries; uncertainties inherent in operating internationally; the timely delivery of vessels on order; the impact of laws and regulations; and operating hazards, including spills and environmental damage. Many of these factors are beyond our ability to control or predict. Other unknown or unpredictable factors could also have material adverse effects on our future results. Given these factors, you should not place undue reliance on the forwardlooking statements.